Hangxin held a completion ceremony to celebrate the successful acquisition of Magnetic MRO AS (“MMRO”), an Estonian aircraft maintenance company in Tallinn on May 3rd. Hanging’s full acquisition of MMRO was officially completed.
Not only is the acquisition of great strategic importance to Hangxin, meanwhile, it will also strongly promote the cooperation between China and Estonia in aviation industry and improve domestic aviation technology. The acquisition with a price of nearly EUR 43 million, is Chinese enterprises’ largest investment deal in Estonia. After the acquisition, Hangxin will own 100% shares of MMRO.
Alo Ivask, Chairman of the Board of Enterprise Estonia, welcomed the investment deal and hailed a broader development prospects for MMRO after the acquisition. Li Chao, Chinese ambassador to Estonia, termed the acquisition deal as strong-strong union to promote and deepen bilateral cooperation, which implements the Belt and Road Initiative and boosts the mutually beneficial cooperation between China and Estonia.
Hangxin with main business of component maintenance in civil aviation, is well-known in China and Asia-Pacific region. MMRO with its main business line covering aviation maintenance and aviation asset management, operates in different countries and regions all around the globe. After MMRO joins in, Hangxin will gradually improve its global aviation industry layout, further expand its business into MRO business including component maintenance, base maintenance, line maintenance, aircraft interiors and refurbishment, aircraft engine trading, aircraft teardown, and aviation asset management. Hangxin will improve its competitiveness in global market and provide global clients with total technical care via the integration of global customer resources, professional talents and business qualifications.